- Prior +0.6%; revised to +0.5%
The average price of dwellings in the UK eases slightly in August to £271,079. Compared to the same month last year, house prices also softened from 2.8% in July to 2.1% in August. Nationwide notes that "the relatively subdued pace of house price growth is perhaps understandable, given that affordability remains stretched relative to long-term norms". Adding that lower borrowing costs soon enough will likely help to keep demand supported "especially since household balance sheets are strong and labour market conditions are expected to remain solid".
